Ash Bank to raise at least NIS 150 million; Nir Zuk to participate in the offering

Ash Bank is launching a capital raise of at least NIS 150 million; controlling shareholder Nir Zuk is expected to participate. The raise is intended to finance the start of the digital bank's commercial operations, which have not yet begun. The bank's valuation in the raise has not yet been determined.

Ash Bank, the Israeli digital bank, is launching a capital raise of at least NIS 150 million. High-tech entrepreneur Nir Zuk, the bank's controlling shareholder, is expected to participate in the raise and inject the planned amount, unless additional investors join. The bank's valuation in the raise has not yet been determined. The raise is intended to finance the start of the bank's commercial operations, which have not yet begun. According to known information, Ash Bank's systems are ready to offer current accounts digitally. The raise comes a few months after the deal to sell the bank to the Isracard group fell through. The deal, which reflected a valuation of up to half a billion shekels for the bank, did not materialize last July. At this stage, the shareholders have approached institutional bodies in Israel with an offer to join the raise. Ash Bank is expected to be the second digital bank in Israel, after One Zero, which has been operating for several years. The bank received a conditional license from the Bank of Israel in December 2022.